Artificial Intelligence
Sonasoft 2020 Year in Review
SAN JOSE, CA, Dec. 30, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Sonasoft Corp. (OTCQB: SSFT), a best-of-breed autonomous AI platform, closes out 2020 with new partnerships, expanded C-suite management, revamped engineering and data science teams, and exciting IP. While COVID has been a challenging year for many companies, Sonasoft has weathered the storm and is in a great position for 2021. 2020 saw Sonasoft complete its switch to an AI-first company, completing a strategy that began in 2018.
A focus on AI
Since 2018, Sonasoft has shifted entirely to focus on delivering AI solutions for customers. Sonasoft’s Unified AI platform, NuGene, lies at the heart of this strategy. NuGene simplifies how developers and data scientists build and deploy AI bots. The Sonasoft ‘bot factory’ streamlines the process of creating and deploying AI models. This starts with defining the problem and gathering the data, then it uses its own AI engine to build a robust model. Finally, it simplifies the process of deploying the model in production. This allows companies to benefit from AI without needing to employ large teams of data scientists. Uniquely, NuGene is capable of dealing with extremely rich and diverse datasets without the need to simplify the raw data. This means the resulting AI models are far more robust against bias.
Key investment in AI Engineering
Central to Sonasoft’s success has been its focus on AI engineering. According to Gartner:
“Developing a disciplined AI engineering process is key. AI engineering incorporates elements of DataOps, ModelOps and DevOps, and makes AI a part of the mainstream DevOps process, rather than a set of specialized and isolated projects.”
In Q4 of 2020, Sonasoft hired veteran ML engineers and data scientists. This allowed a focus on taking NuGene from MVP to a fully-fledged product.
The Head of Engineering is Max Lee, who has an extensive background in creating hardware and AI solutions for chatbots, signal processing, and computer vision. He epitomizes the way the whole engineering team works. He is able to solve problems by applying his multi-disciplinary knowledge that spans mathematics, science, engineering, and ethics.
The Head of Data Science is Caroline Zaborowski. She brings years of experience applying data science to solve complex problems in the online gambling industry. Prior to that, she completed a Ph.D. in Astrophysics at the University of Oxford. She ensures Sonasoft applies rigorous standards of data science, which has allowed NuGene’s performance to improve significantly.
New Management Team
2020 saw significant changes in the management of Sonasoft. This started in December of 2019 when Mike Khanna was promoted to CEO. One of his first priorities was to bring in a new C-suite with the experience to complete Sonasoft’s transformation that began 2 years earlier.
Rob Baumert, Sonasoft’s CFO since Feb 2020, brings over two decades of experience to the Sonasoft management team. Prior to Sonasoft, he spent 7 years at RedBubble, serving variously as Chief Operations Officer, Chief Financial Officer, and Director of Financial Planning & Analysis. Over that time, they saw sales surge from $3MM to $143MM.
Paul Clauson, appointed as COO Q4 2020, has worked with ML engineers and data scientists for the better part of a decade. He focuses his time on building world-class teams and go-to-market strategy. He has been instrumental in building Sonasoft’s new engineering team.
Josh Rose was hired as Chief of Staff in Q4. He has a background in private equity. This experience has been invaluable as Sonasoft focuses on building new strategic partnerships. He has also been spearheading Sonasoft’s latest successful round of fundraising.
Sonasoft signs strategic partnership with a multi-billion dollar financial services company
2020 saw Sonasoft sign some key strategic partnerships. The biggest of these will see Sonasoft building AI bots for one of the world’s largest financial services companies. This will place AI analytics at the very center of the financial data ecosystem. Clients of the partnership will see a transformation in how they can leverage financial data. This will see them transition to predictive and prescriptive analytics, making them more competitive than ever before.
“Here at Sonasoft, we believe AI should lie at the heart of every business,” said Mike Khanna, CEO. “AI offers financial institutions the ability to understand and leverage their data like never before.”
2020 also saw Sonasoft complete a key AI project with Delaware Electric Cooperative (DEC). DEC is one of the largest utility cooperatives in the US. DEC sources its power from several providers. One of the biggest costs to their business is coincident peaks, which happen when there is a surge in demand. To try and control these costs, DEC issues “beat the peak” notices to its members, asking them to reduce consumption.
Sonasoft developed a set of AI bots that are able to correctly predict these coincident peaks. In the first two months of going live, the bots demonstrated their ability to deliver annual cost savings of up to $1.3MM. This was only possible because DEC is a data-driven company. As Bill Andrews, President and CEO of DEC, said, “People don’t understand AI. You have to have good data and you have to understand what you are trying to attain.”
Sonasoft files significant IP
Q4 saw Sonasoft file an exciting patent application relating to a key AI technology, convolutional neural networks (CNNs). CNNs are at the heart of many AI models and are the central technology for many computer vision systems. However, they don’t perform well when they have sparse or noisy training data. Sonasoft’s unique solution provides a robust and noise-tolerant system that will create reliable models with far less training data than traditional CNN-based systems. Moreover, the resulting models are smaller, allowing them to run on less complex hardware.
“This has the potential to allow the development of classification or predictive models with less data,” said Max Lee, Head of Engineering. “This biologically inspired model takes inspiration from others, such as Numenta’s HTM and Applied Brain Research’s spiking neural network design. By studying how intelligence works in biological systems, we can continue to improve and provide more robust artificial intelligence.”
Sonasoft goes all in on AI
In 2020, Sonasoft continued its pursuit of completing its pivot from a services company to a pure AI company. This pivot from Sonasoft included an aggressive divestment policy as part of the long-term AI strategy. E-Connect Software Inc. and Sonavault were both sold to previous Company Officers, allowing Sonasoft to focus much more attention on AI, as well as saving some $250k in annual burn.
Looking ahead to 2021
Over recent years, AI has helped transform many businesses. However, startups and enterprises alike often struggle with AI initiatives because they miscalculate the costs involved. This is especially true when trying to embed AI within existing pipelines. In effect, the limitations and complexity of the technology have prevented it from reaching its full potential. 2021 will be a pivotal year for AI, and the work done in 2020 will ensure Sonasoft will be right at the leading edge.
Notes
- Sonasoft was founded in Silicon Valley in 2003. For more information about the
company, please visit: https://www.sonasoft.com - Sonasoft NuGene is a unified AI platform that can process any type of data and
generate autonomous AI models. For more information about Sonasoft’s
Artificial Intelligence (AI) Solutions, please visit:
https://www.sonasoft.com/products/artificial-intelligence-ai/ - For investor-specific information, please visit:
https://www.sonasoft.com/investors/
Investor Contact:
Mike Khanna, CEO Sonasoft Corporation. Phone: (408) 708-4000 X7104
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Artificial Intelligence
Securitas AB Interim Report Q1 2024 January-March
STOCKHOLM, May 8, 2024 /PRNewswire/ —
January–March 2024
Total sales MSEK 39 260 (37 751)Organic sales growth 7 percent (12)Real sales growth within technology and solutions 7 percent (77)Operating income before amortization MSEK 2 357 (2 180)Operating margin 6.0 percent (5.8)Earnings per share SEK 1.84 (1.66)Earnings per share before IAC, SEK 2.12 (2.03)Net debt/EBITDA ratio 2.9 (3.3*)Cash flow from operating activities –15 percent (9)*The comparative is adjusted and includes STANLEY Security’s 12 months adjusted estimated EBITDA.
Comments from the President and CEO
“Continued operating margin improvement in line with strategy”
The operating margin improvement continued in the first quarter to 6.0 percent (5.8), driven by a strong performance in our North American operations. Ibero-America also developed well, while Europe was weak primarily due to challenges within the airport security business. The Group’s operating margin improved both in security services and in technology and solutions.
Organic sales growth was 7 percent. Real sales growth in our technology and solutions business was also 7 percent in the first quarter, negatively impacted by the divestment of Securitas Argentina in July 2023.
The integration of STANLEY Security continued to progress, realizing further cost synergies although these were partly offset by operational cost increases from the ongoing system and support transitions that are progressing according to plan. Our combined offering is gaining increased interest and appreciation from both existing and new clients, which presents good opportunities for deeper client partnerships and commercial synergies in our business.
The first quarter is our weakest cash flow quarter due to seasonality. As expected, the operating cash flow was lower than last year due to the strong net working capital position at year-end 2023, and as the quarter ended with the Easter holiday impacting collections. We remain with strong cash flow focus across the organization to ensure a strong 2024 outcome.
SHAPING SECURITAS FOR LONG-TERM SUSTAINABLE SHAREHOLDER VALUE
The overall message at our recent Investor Day in March was how we shape Securitas for long-term sustainable shareholder value. The core to that execution is operational value creation through growth in technology and solutions, security services portfolio profitability, cost efficiency and digital innovation.
We have invested substantially in our technology capabilities and in the transformation programs in the past few years to support the value creation, and we will continue to invest in a balanced way to ensure that our business has the capability to execute on the strategy. Another part of our strategy execution is to continuously assess our business mix and presence to further sharpen our performance and competitive position.
I have met with a number of local and global clients in the US, Asia and Europe during the last few months and have received very positive feedback on the new Securitas we are creating. The clients are looking for a security partner with strong presence, technology and data capabilities. In addition to recent contract wins, the pipeline of commercial opportunities is very promising. We are piloting a new integrated Technology and Guarding services concept for broader roll-out together with one global client.
The strategic transformation of Securitas is on the right path and we are committed to achieve our target of 8 percent operating margin by the end of 2025. With our strong offering we will solidify our position as the leading security solutions company.
Magnus AhlqvistPresident and CEO
PRESENTATION OF THE INTERIM REPORT
Analysts and media are invited to participate in a telephone conference on May 8, 2024, at 9.30 a.m. (CEST) where President and CEO Magnus Ahlqvist and CFO Andreas Lindback will present the report and answer questions. The telephone conference will also be audio cast live via Securitas’ website www.securitas.com.
To follow the audio cast of the telephone conference via the web, please follow the link www.securitas.com/en/investors/financial-reports-and-presentations/
A recorded version of the audio cast will be available at www.securitas.com/en/investors/financial-reports-and-presentations/ after the telephone conference.
For further information, please contact:Micaela Sjökvist, Vice President, Investor Relations +46 76 116 7443
ABOUT SECURITAS
Securitas is a world-leading safety and security solutions partner that helps make your world a safer place. Almost nine decades of deep experience means we see what others miss. By leveraging technology in partnership with our clients, combined with an innovative, holistic approach, we’re transforming the security industry. With approximately 341 000 employees in 44 markets, we see a different world and create sustainable value for our clients by protecting what matters most – their people and assets.
Group financial targets
Securitas has four financial targets:
8–10 percent technology and solutions annual average real sales growth8 percent Group operating margin by year-end 2025, with a >10 percent long-term operating margin ambitionA net debt to EBITDA ratio below 3.0xAn operating cash flow of 70–80 percent of operating income before amortizationSecuritas AB (publ.)P.O. Box 12307, SE-102 28 Stockholm, Sweden
Visiting address:Lindhagensplan 70Telephone: +46 10 470 30 00 Corporate registration number: 556302–7241www.securitas.com
This is information that Securitas AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 a.m. (CEST) on Wednesday, May 8, 2024.
This information was brought to you by Cision http://news.cision.com
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Artificial Intelligence
TXOne Networks, Leader in Cyber-Physical Systems (CPS) Security, Raises $51 Million in Total in Series B Extension Round Funding
Significant funding round validates TXOne Networks’ capabilities and vision for securing industrial control systems (ICS) and operational technology (OT) environments
TAIPEI, May 8, 2024 /PRNewswire/ — TXOne Networks, a leader in Cyber-Physical Systems (CPS) security, today announced a significant achievement of securing $51 million in its Series B extension round of financing. In addition to TGVest Capital, the lead investor of the B round, Pegatron Group, CDIB Capital Group and CDIB-Innolux II L.P. are continuing to invest. New investors include the Taiwania Capital and Applied Ventures ITIC Innovation Fund, L.P. (AVITIC), a joint fund of Applied Ventures, LLC and ITIC-Taiwan (Industrial Technology Investment Corporation).
TXOne Networks completed its Series A financing in August 2021 and announced Series B financing in August 2022.
TXOne Networks works with both leading manufacturers and critical infrastructure operators to develop practical, operations-friendly approaches to cyber defense of industrial control systems (ICS) and operational technology (OT) environments. With TXOne Networks, companies in diverse OT verticals implement tailored defense, including the adoption of advanced threat detection and response measures, to effectively counter ransomware and other emergent strategic threats and protect assets for their entire lifecycle. TXOne Networks secures the operations of more than 3,600 organizations globally in industries including semiconductors, automotive, pharmaceutical, food and beverage, public transportation, utilities, electronics, healthcare, mining and metals, oil and gas, and aerospace.
“We are impressed that the ‘OT Zero Trust’ approach that TXOne Networks pioneered goes beyond the limitations of traditional cyber defense to safeguard operations and revenues, as well as its continuous efforts to streamline management, reduce security overhead and more quickly resolve challenges,” said DC Cheng, Chairman with TGVest Capital. “This makes TXOne Networks a unique player in the global cybersecurity landscape, and we are happy to partner with the company for its continuous future growth.”
Added Dr. Terence Liu, TXOne Networks chief executive officer: “The successful procurement of $51 million in this extension round marks a significant achievement for the company and underscores the confidence and trust of our investors in TXOne Networks’ vision and potential.”
In April 2024, TXOne Networks announced its latest innovative CPS protection platform, the SageOne central management console. The new TXOne Networks platform delivers management of the CPS attack surface across the OT environment, combines advanced technologies with a user-friendly interface for securing critical infrastructures and enables integrated lifecycle protection.
CRN in April 2024 recognized TXOne Networks among its list of “The 10 Coolest IoT Security Companies.”
Follow TXOne Networks on Blog, Twitter, and LinkedIn.
About TXOne Networks
TXOne Networks offers cybersecurity solutions that ensure the reliability and safety of industrial control systems and operational technology environments. TXOne Networks works together with both leading manufacturers and critical infrastructure operators to develop practical, operations-friendly approaches to cyber defense. TXOne Networks offers both network-based and endpoint-based products to secure the OT network and mission-critical devices using a real-time, defense-in-depth approach. www.txone.com
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Artificial Intelligence
Tanmyah to Unify Management Processes & Boost Investment Value with Yardi Cloud Technology
Property management company to utilise Yardi’s end-to-end solution to strengthen its commercial operations & enhance efficiency across the Kingdom of Saudi Arabia
JEDDAH, Saudi Arabia, May 8, 2024 /PRNewswire/ — Advanced Development Real Estate Investments (Tanmyah), recognised as one of the early pioneers in property management and development brokerage across Saudi Arabia, is set to improve its commercial property management operations and tenant experience with Yardi®.
The Yardi® Commercial Suite will allow Tanmyah to streamline its commercial and retail operations into one system and effectively manage its portfolio from leasing and reporting to forecasting and accounting. Yardi will also help deliver a self-service portal and app, improving convenience and accessibility for tenants to update details, manage maintenance and view sales metrics. With a more unified system in place, Tanmyah can enhance staff productivity, tenant relations and maximise return on assets.
“We’re thrilled to implement Yardi’s cloud technology into our operations and enhance our ability to deliver exceptional services to all our stakeholders,” expressed Mutaz Alattas, property management and leasing manager for Tanmyah. “With Yardi as our central solution, we will be positioned to efficiently manage our expansive commercial and retail portfolio and become one of the top choices for management and development within the region.”
“Yardi’s unified technology is purpose-built to cater to the strategic expansion and evolving needs of businesses such as Tanmyah,” noted Said Haider, senior director of middle east sales for Yardi®. “We are delighted to contribute to the progression of Tanmyah and are excited about the prospects of our partnership.”
See how Yardi can boost your commercial portfolio activities with a cloud-based management platform.
About TanmyahAdvanced Development Real Estate Investments Company Ltd., known as Tanmyah, is a Saudi Company based in Jeddah on the Western Coast of Saudi Arabia. Tanmyah is recognised as one of the early pioneers in property management and development in the region due to its historic achievements in the real estate market coupled with the generous contributions by its founders to the local community. For more information, visit tanmyah.com.sa.
About YardiCelebrating its 40-year anniversary in 2024, Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With over 9,000 employees, Yardi is working with clients globally to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.ae.
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